Weekly Technical Analysis

Start your week by identifying the key price levels and trends.

The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.

NOTE: These charts use the ‘Pro Trading Tools’ available on the SpreadEx trading platform. To use them, log in to your SpreadEx Financials Account and click ‘Technical’ from the menu on any chart.

Summary

*KEY

Trend direction is set by the slope of the VWAP

Trend phase is determined by the current price relative to the VWAP (20) level and Elliot waves

Support & Resistance are set by the StdDev #2 Lower and Upper respectively.

Momentum is determined by the RSI level (70 as overbought and under 30 as oversold).

Analysis

Germany 40 has continued its bullish trend in the impulsive phase, with a notable rise in price to 17,962, now positioned above its upward-sloping 20-period VWAP of 17,758. The index has established new support at 17,402 and is encountering resistance near 18,115. The RSI has slightly increased to 68, suggesting sustained positive momentum.

UK 100 is currently in a neutral trend, showing signs of consolidation, with its price at 7,733, positioned just above the slightly increasing 20-period VWAP of 7,689. The index's support level is now at 7,597, with resistance identified at 7,781. The RSI has risen to 56, indicating a mild shift toward bullish sentiment.

Wall Street is still in a bullish trend but is now in a corrective phase, with the price adjusting to 38,696, slightly below the upward-sloping 20-period VWAP of 38,863. The index's support is at 38,532, with resistance determined at 39,195. The RSI is at 48, reflecting a neutral momentum state.

Brent Crude has entered a bullish trend, now in the impulsive phase, with its price increasing to 85.60, significantly above the 20-period VWAP of 82.82. The support level is at 80.12, with resistance closely set at 85.76. The RSI has improved to 67, indicating stronger bullish momentum.

Gold is still in a bullish trend but is paying within what is still an impulsive phase, with the price adjusting to 2,153, which is comfortably above the 20-period VWAP of 2,117. The support level has been revised to 2,002, with resistance now at 2,232. The RSI has decreased to 65, still reflecting strong bullish sentiment.

EUR/USD remains in a bullish trend and just about in the impulsive phase, with its price at 1.0900, marginally above its upward-sloping 20-period VWAP of 1.0879. The support is now at 1.0786, with resistance at 1.0972. The RSI at 54 indicates a stable positive momentum.

GBP/USD has maintained its bullish trend in the impulsive phase, with its price at 1.2738, slightly above the upward-sloping 20-period VWAP of 1.2732. The support has been adjusted to 1.2591, with resistance at 1.2868. The RSI at 52 suggests a continuation of bullish sentiment.

USD/JPY is still in a bearish trend, recently entering the corrective phase, with its price at 149.22, marginally above the 20-period VWAP of 149.18. The support has been revised down to 146.32, with resistance at 151.83. The RSI at 53 indicates a shift toward neutral momentum from previous bearish sentiment.